A digital currency? MAS is not convinced
Add BT as a preferred source
Singapore
THERE is no compelling reason for central banks to issue digital currencies, said managing director of the Monetary Authority of Singapore (MAS) Ravi Menon.
Speaking to The Business Times, Mr Menon said that it remains unclear what problem digital currencies would solve, noting that embracing more electronic payments of fiat currencies would instead generate real economic benefits from reducing the cost of cash transactions, and in bringing greater convenience.
TRENDING NOW
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
Two-thirds of Sentosa Cove resales in the red, with average loss topping S$1 million since 2023
